China’s economy grew 4.7 percent year-on-year in the second quarter of 2024, official data showed Monday.
“By quarter, the GDP for the first quarter increased by 5.3 percent year on year and for the second quarter 4.7 percent,” Beijing’s National Bureau of Statistics (NBS) said in a statement.
The figures were lower than the 5.1 percent predicted by analysts polled by Bloomberg.
Retail sales – a key gauge of consumption – also slowed to two percent in June, the NBS said, down from 3.7 percent in May.
Top officials are meeting in Beijing on Monday for a key plenum, with all eyes on measures to boost the country’s economic development. The third plenary session of the 20th Communist Party of China (CPC) Central Committee, also known as the third plenum, will identify priorities for comprehensively deepening reform, map out a blueprint for its long-term economic development, Xinhua News Agency reported.
